Canara HSBC Oriental Bank of Commerce Life Insurance forays into child protection space

Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings' joint venture, Canara HSBC Oriental Bank of Commerce Life Insurance Company has entered into child protection policies with the launch of the future smart plan under its smart solutions umbrella.

Canara HSBC Oriental Bank of Commerce Life Insurance Future Smart is a unit-linked insurance plan that provides long-term investment opportunity and insurance cover to secure the child's future along with meeting the future financial needs.

In case of the insured's death the sum assured is paid immediately, the future premiums are paid by the company and the fund value is paid at maturity of the product.

''Our Future Smart Plan ensures that the future financial needs of a child remain undisturbed even in case of an unfortunate event," said Mario Perez, director - sales, marketing and products, Canara HSBC Oriental Bank of Commerce Life Insurance Company.

The venture is offering lower allocation charges if the customer opts for ECS (electronic clearing service) or SI (standing instructions) for payment of premium.

''Milestone withdrawals option through which one receives 15 per cent of the fund value in each of the last five years of the policy facilitates the customer to meet the continuing education needs of the child considering the ever-rising education fee,'' added Perez.

Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was launched in June 2008 and is jointly owned by two of India's largest public sector banks - Canara Bank (holding 51 per cent) and Oriental Bank of Commerce (23 per cent) - and European financial services group HSBC Insurance (Asia Pacific) Holdings Limited (26 per cent), the Asian insurance arm of one of the world's largest banking and financial services groups - HSBC.